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Auction Volumes Surge Past 3,000 For The First Time This Year

Auction volumes surge past 3,000 for the first time this year returning a strong preliminary auction clearance rate of 70.5 per cent.

Auction volumes returned to higher levels this week across the combined capital cities with a total of 3,275 homes taken to auction; the higher volumes returned a strong preliminary auction clearance rate of 70.5 per cent. Last week 1,992 auctions were held across the capitals with 66.1 per cent clearing, while over the same week one year ago a 78.4 per cent clearance rate was recorded across a higher volume of auctions (3,301).

Results segregated into property type showed that units outperformed the house market this week, with 72.9 per cent of units selling at auction, while 69.5 per cent of houses sold across the combined capitals.

Melbourne returned a preliminary auction clearance rate of 71.7 per cent this week, which was higher than final figures from last week which saw 69.8 per cent of auctions clearing. Melbourne’s higher preliminary clearance rate was across a significantly higher volume of auctions week-on-week, with 1,610 held, up from last week’s 932 auctions. In Sydney, 1,221 homes were taken to auction this week, returning an equal highest preliminary result to Melbourne’s 71.7 per cent, increasing on last week’s final clearance rate of 67.8 per cent across a lower volume of auctions (737).

Across the smaller auctions markets, Adelaide was the best performing in terms of clearance rate with 75.9 per cent of the 107 auctions reporting as sold. While Perth returned the lowest preliminary auction clearance rate of 52.6 per cent.